Document Retention Policy

Document Retention Policy

The Law Offices of Kenneth H Dramer, PC (hereinafter the “Company”) shall retain records for the period of their immediate or current use, unless longer retention is necessary for historical reference or to comply with contractual or legal requirements. Records and documents outlined in this policy include paper files and documents, electronic files (including e-mail) and recorded customer verifications for sales. Records and documents referenced in this policy may be stored on network servers, desktop or laptop computers, or in file cabinets. This retention policy must be agreed to by written signature of the authorized representative of all Company affiliate offices (“affiliates”). Affiliates may indicate their acceptance of this policy by signing and dating at the bottom of it and returning their original signature page to Company.

All data and records should be stored as securely as possible in order to avoid potential misuse or loss. All data and records will be stored in the most convenient and appropriate location having regard to the period of retention required and the frequency with which access will be made to the record. The degree of security required for file storage will reflect the sensitivity and confidential nature of any material recorded.

The Company will not knowingly destroy a document with the intent to obstruct or influence an investigation or proper administration of any matter within the jurisdiction of any governmental agency or in relation to or contemplation of such matter or case. If an official investigation is underway or even suspected, document purging must stop in order to avoid obstruction.

In order to eliminate accidental or innocent destruction, the Company has the following document retention policy. This policy is solely intended as a set of minimum standards for the Company, some documents at the discretion of management may be retained longer but no obligation per this policy exists to require such.

ACCOUNTING/FINANCERETENTION PERIOD
Audit Reports, Tax Returns, Workpapers, Financial Statements, General Ledgers, and Trial Balance Journals7 Years
Accounts Receivable and Payable Ledgers7 Years
Bank Statements/Reconciliations7 Years
Chart of Accounts7 Years
Canceled Checks7 Years
Capital Expenditure Records7 Years
Cash Disbursement Journal7 Years
Cash Receipts Journal7 Years
Deposit Slips7 Years
Expense Reports7 Years
Expense Ledger7 Years
Financial Statements7 Years
Inventory Records7 Years
Invoices (to customers, from vendors)7 Years
Payroll Journal and Vouchers7 Years
Payroll – Time Cards7 Years
Payroll – Earnings Records7 Years
Petty Cash Vouchers and Related Records7 Years
Prepaid and Accrued Expense Journal7 Years
Subsidiary Ledgers7 Years
Voucher for payments to vendors, employees, etc.7 Years
CORPORATE RECORDSRETENTION PERIOD
Annual ReportsPermanent
Bylaws, Charter, Minute Books, Articles of IncorporationPermanent
Capital Stocks and Bond RecordsPermanent
Checks – Taxes, Property and Settlements7 Years
Contracts/Agreements (still in effect) (*Inclusive of any and all documents relating to or supplementing (i.e., consumer credit card statements)Permanent
Contracts/Agreements (completed) (*Inclusive of any and all documents relating to or supplementing (i.e., consumer credit card statements)7 Years
Trademark RegistrationsPermanent
Deeds/Easements/Real Estate RecordsPermanent
Labor ContractsPermanent
Personnel Files (payroll records and summaries including records related to employee’s leave)7 Years
Personnel Files (terminated employees)7 Years after termination
Mortgages, Notes & Leases10 Years
PatentsPermanent
Retirement/Pension RecordsPermanent
Tax Documents (generally anything not cited herein)10 Years
CORRESPONDENCERETENTION PERIOD
General3 Years (archive 4 Years)
Legal & Tax7 Years
Production7 Years
Routine – Vendor, Supplier, Customer3 Years (archive 4 Years)
INSURANCERETENTION PERIOD
Accident Reports7 Years
Claims – After Settlement7 Years
Fire Inspection Reports7 Years
Disability Reports7 Years
Policies – ExpiredPermanent
Safety Reports7 Years

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